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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-09685


                         Pioneer Pioneer High Yield Fund
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  October 31

Date of reporting period:  July 31, 2014

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.

			Pioneer High Yield Fund
			Schedule of Investments 7/31/14 (unaudited)
Principal Amount ($)	Floating Rate (b)	S&P/Moody's Ratings			Value
			CONVERTIBLE CORPORATE BONDS - 16.4%
			Energy - 0.8%
			Oil & Gas Equipment & Services - 0.1%
2,170,000		NR/NR	SEACOR Holdings, Inc., 3.0%, 11/15/28 (144A)	$	2,083,200
			Oil & Gas Exploration & Production - 0.5%
8,895,000		CCC-/NR	Cobalt International Energy, Inc., 2.625%, 12/1/19	$	7,905,431
			Coal & Consumable Fuels - 0.2%
4,705,000		CCC+/NR	Alpha Natural Resources, Inc., 3.75%, 12/15/17	$	3,981,606
			Total Energy	$	13,970,237
			Materials - 0.2%
			Diversified Metals & Mining - 0.2%
3,805,000		NR/NR	RTI International Metals, Inc., 1.625%, 10/15/19	$	3,707,497
			Total Materials	$	3,707,497
			Capital Goods - 0.7%
			Aerospace & Defense - 0.1%
2,150,000		NR/NR	The KEYW Holding Corp., 2.5%, 7/15/19	$	2,172,844
			Electrical Components & Equipment - 0.6%
10,874,000		B/Caa1	General Cable Corp., 4.5%, 11/15/29 (Step)	$	9,908,932
			Total Capital Goods	$	12,081,776
			Transportation - 0.4%
			Airlines - 0.4%
2,575,000		B/B2	United Airlines, Inc., 4.5%, 1/15/15	$	6,365,078
			Marine - 0.0%†
500,000		NR/NR	DryShips, Inc., 5.0%, 12/1/14	$	498,125
			Total Transportation	$	6,863,203
			Automobiles & Components - 0.7%
			Automobile Manufacturers - 0.7%
6,341,000		BBB-/Baa3	Ford Motor Co., 4.25%, 11/15/16	$	12,491,770
			Total Automobiles & Components	$	12,491,770
			Consumer Durables & Apparel - 1.2%
			Homebuilding - 1.0%
11,400,000		B/B2	KB Home, 1.375%, 2/1/19	$	11,022,375
3,015,000		BB-/Ba3	Lennar Corp., 2.75%, 12/15/20 (144A)		5,023,744
2,870,000		BB-/B1	The Ryland Group, Inc., 0.25%, 6/1/19		2,643,988
				$	18,690,107
			Housewares & Specialties - 0.2%
4,280,000		BB-/B1	Jarden Corp., 1.125%, 3/15/34 (144A)	$	4,226,500
			Total Consumer Durables & Apparel	$	22,916,607
			Consumer Services - 0.3%
			Specialized Consumer Services - 0.3%
2,710,000		NR/NR	Ascent Capital Group, Inc., 4.0%, 7/15/20	$	2,477,956
2,195,000		NR/NR	Carriage Services, Inc., 2.75%, 3/15/21 (144A)		2,222,438
				$	4,700,394
			Total Consumer Services	$	4,700,394
			Media - 0.2%
			Broadcasting - 0.2%
4,425,000		NR/NR	Liberty Media Corp., 1.375%, 10/15/23 (144A)	$	4,530,094
			Total Media	$	4,530,094
			Retailing - 0.4%
			Internet Retail - 0.4%
7,455,000		NR/NR	Shutterfly, Inc., 0.25%, 5/15/18	$	7,729,903
			Total Retailing	$	7,729,903
			Health Care Equipment & Services - 1.6%
			Health Care Equipment - 0.6%
1,905,000		NR/NR	Cepheid, 1.25%, 2/1/21 (144A)	$	1,800,225
2,345,000		B+/NR	Hologic, Inc., 2.0%, 12/15/37 (Step)		2,962,028
3,450,000		B+/NR	Hologic, Inc., 2.0%, 3/1/42 (Step)		3,788,531
960,000		B/B2	Insulet Corp., 2.0%, 6/15/19		1,009,800
459,000		NR/NR	NuVasive, Inc., 2.75%, 7/1/17		533,014
				$	10,093,598
			Health Care Supplies - 0.7%
9,460,000		CCC+/NR	Alere, Inc., 3.0%, 5/15/16	$	10,488,775
3,015,000		NR/NR	Endologix, Inc., 2.25%, 12/15/18		2,933,972
				$	13,422,747
			Managed Health Care - 0.3%
4,225,000		NR/NR	Molina Healthcare, Inc., 1.125%, 1/15/20	$	4,951,172
			Total Health Care Equipment & Services	$	28,467,517
			Pharmaceuticals, Biotechnology & Life Sciences - 3.9%
			Biotechnology - 2.1%
2,340,000		NR/NR	ARIAD Pharmaceuticals, Inc., 3.625%, 6/15/19 (144A)	$	2,204,935
1,920,000		NR/NR	BioMarin Pharmaceutical, Inc., 0.75%, 10/15/18		1,965,600
1,920,000		NR/NR	BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20		2,017,200
4,815,000		NR/NR	Corsicanto, Ltd., 3.5%, 1/15/32		3,806,859
4,900,000		NR/NR	Cubist Pharmaceuticals, Inc., 1.125%, 9/1/18 (144A)		5,261,375
6,805,000		NR/NR	Cubist Pharmaceuticals, Inc., 1.875%, 9/1/20 (144A)		7,319,628
5,375,000		NR/NR	PDL BioPharma, Inc., 4.0%, 2/1/18		5,946,094
9,215,000		NR/NR	Theravance, Inc., 2.125%, 1/15/23		9,837,012
				$	38,358,703
			Pharmaceuticals - 1.8%
3,755,000		NR/NR	Albany Molecular Research, Inc., 2.25%, 11/15/18 (144A)	$	5,174,859
9,880,000		NR/NR	Auxilium Pharmaceuticals, Inc., 1.5%, 7/15/18		10,522,200
5,787,000		NR/NR	Emergent Biosolutions, Inc., 2.875%, 1/15/21 (144A)		5,967,844
5,270,000		NR/NR	Salix Pharmaceuticals, Ltd., 1.5%, 3/15/19		10,889,138
				$	32,554,041
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	70,912,744
			Real Estate - 0.3%
			Real Estate Operating Companies - 0.3%
4,885,000		NR/NR	Forest City Enterprises, Inc., 3.625%, 8/15/20	$	5,095,666
			Total Real Estate	$	5,095,666
			Software & Services - 3.2%
			Internet Software & Services - 1.0%
4,555,000		NR/NR	Akamai Technologies, Inc., 2/15/19 (144A) (c)	$	4,614,784
5,145,000		NR/NR	WebMD Health Corp., 1.5%, 12/1/20 (144A)		5,829,928
6,420,000		NR/NR	WebMD Health Corp., 2.5%, 1/31/18		6,845,325
				$	17,290,037
			Data Processing & Outsourced Services - 0.3%
6,345,000		BB+/NR	Cardtronics, Inc., 1.0%, 12/1/20 (144A)	$	6,289,481
			Application Software - 1.8%
2,470,000		BBB/NR	Citrix Systems, Inc., 0.5%, 4/15/19 (144A)	$	2,687,669
5,815,000		NR/NR	Mentor Graphics Corp., 4.0%, 4/1/31		6,716,325
19,972,000		BB-/NR	Nuance Communications, Inc., 2.75%, 11/1/31		19,872,140
3,900,000		NR/NR	TIBCO Software, Inc., 2.25%, 5/1/32		3,939,000
				$	33,215,134
			Systems Software - 0.1%
2,235,000		NR/NR	ServiceNow, Inc., 11/1/18 (144A) (c)	$	2,399,831
			Total Software & Services	$	59,194,483
			Technology Hardware & Equipment - 0.9%
			Communications Equipment - 0.7%
9,000,000		B/NR	Ciena Corp., 0.875%, 6/15/17	$	8,915,625
4,050,000		NR/NR	Finisar Corp., 0.5%, 12/55/33 (144A)		3,956,344
				$	12,871,969
			Hardware - 0.2%
3,295,000		NR/NR	Emulex Corp., 1.75%, 11/15/18 (144A)	$	3,058,172
			Total Technology Hardware & Equipment	$	15,930,141
			Semiconductors & Semiconductor Equipment - 1.6%
			Semiconductor Equipment - 0.4%
5,491,000		BBB/Baa1	Lam Research Corp., 1.25%, 5/15/18	$	7,371,668
			Semiconductors - 1.2%
16,914,000		BB+/NR	ON Semiconductor Corp., 2.625%, 12/15/26	$	19,197,390
3,755,000		BB+/NR	Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)		3,529,700
				$	22,727,090
			Total Semiconductors & Semiconductor Equipment	$	30,098,758
			TOTAL CONVERTIBLE CORPORATE BONDS
			(Cost $269,489,319)	$	298,690,790
			PREFERRED STOCKS - 3.9%
			Energy - 0.2%
			Oil & Gas Storage & Transportation - 0.2%
130,000	7.62	B+/Ba2	NuStar Logistics LP, Floating Rate Note, 1/15/43	$	3,499,600
			Total Energy	$	3,499,600
			Transportation - 0.3%
			Air Freight & Logistics - 0.3%
4,940		NR/NR	CEVA Group Plc, 12/31/14 * (c)	$	5,434,055
			Total Transportation	$	5,434,055
			Banks - 0.1%
			Regional Banks - 0.1%
76,950	6.62	BBB-/Ba1	Fifth Third Bancorp, Floating Rate Note (Perpetual)	$	2,070,724
			Total Banks	$	2,070,724
			Diversified Financials - 1.8%
			Other Diversified Financial Services - 0.9%
411,000	7.12	BB+/B1	Citigroup, Inc., Floating Rate Note (Perpetual)	$	11,224,410
			Consumer Finance - 0.9%
6,450		B/B3	Ally Financial, Inc., 7.0% (Perpetual) (144A)	$	6,450,000
358,975	8.12	B/B3	GMAC Capital Trust I, Floating Rate Note, 2/15/40		9,756,940
				$	16,206,940
			Investment Banking & Brokerage - 0.3%
189,000	7.12	BB+/Ba3	Morgan Stanley, Floating Rate Note (Perpetual)	$	5,208,840
			Total Diversified Financials	$	32,640,190
			Insurance - 1.2%
			Reinsurance - 1.2%
1,515,236	0.00	NR/NR	Altair Re, Floating Rate Note, 4/30/16 (Cat Bond)	$	1,893,136
6,500,000	N/A	NR/NR	Altair Re, Floating Rate Note, 6/30/16 (Cat Bond)		6,768,450
4,010,500	0.00	NR/NR	Kane SAC Ltd., Series B, Floating Rate Note, 7/18/16		4,180,144
1,200,000	N/A	NR/NR	Kane SAC, Ltd. Floating Rate Note		1,218,000
33,500		NR/NR	Lorenzo Re, Ltd., (Cat Bond) (Perpetual) * (c)		3,519,175
5,120,000		NR/NR	Pangaea Re, 7/1/18 (Cat Bond) (c)		5,215,232
				$	22,794,137
			Total Insurance	$	22,794,137
			Utilities - 0.3%
			Electric Utilities - 0.3%
214,000		BB+/Ba1	PPL Capital Funding, Inc., 5.9%, 4/30/73	$	5,076,080
			Total Utilities	$	5,076,080
			TOTAL PREFERRED STOCKS
			(Cost $67,064,351)	$	71,514,786
			CONVERTIBLE PREFERRED STOCKS - 3.3%
			Energy - 0.5%
			Oil & Gas Exploration & Production - 0.5%
715		NR/NR	Halcon Resources Corp., 5.75% (Perpetual)	$	786,500
20,400		NR/NR	Penn Virginia Corp., 6.0% (Perpetual) (144A)		2,043,305
59,180		NR/NR	PetroQuest Energy, Inc., 6.875% (Perpetual)		2,393,091
33,162		CCC/NR	SandRidge Energy, Inc., 7.0% (Perpetual)		3,382,524
				$	8,605,420
			Total Energy	$	8,605,420
			Consumer Durables & Apparel - 0.6%
			Home Furnishings - 0.6%
143,000		NR/NR	Sealy Corp., 8.0%, 7/15/16 (4.0% cash, 4.0% PIK) (PIK)	$	11,332,750
			Total Consumer Durables & Apparel	$	11,332,750
			Food, Beverage & Tobacco - 0.4%
			Packaged Foods & Meats - 0.4%
73,300		NR/NR	Post Holdings, Inc., 2.5% (Perpetual) (144A)	$	6,739,019
			Total Food, Beverage & Tobacco	$	6,739,019
			Health Care Equipment & Services - 1.5%
			Health Care Supplies - 1.5%
83,308		CCC/NR	Alere, Inc., 3.0% (Perpetual)	$	27,777,807
			Total Health Care Equipment & Services	$	27,777,807
			Banks - 0.1%
			Diversified Banks - 0.1%
2,000		BBB+/Baa3	Wells Fargo & Co., 7.5% (Perpetual)	$	2,420,000
			Total Banks	$	2,420,000
			Diversified Financials - 0.2%
			Asset Management & Custody Banks - 0.2%
48,000		BB+/NR	AMG Capital Trust II, 5.15%, 10/15/37	$	3,036,000
			Total Diversified Financials	$	3,036,000
			TOTAL CONVERTIBLE PREFERRED STOCKS
			(Cost $50,740,293)	$	59,910,996
Shares
			COMMON STOCKS - 9.1%
			Energy - 0.6%
			Oil & Gas Exploration & Production - 0.3%
7,229			Halcon Resources Corp. *	$	43,013
147,800			Marathon Oil Corp.		5,727,250
				$	5,770,263
			Oil & Gas Refining & Marketing - 0.3%
73,900			Marathon Petroleum Corp. *	$	6,169,172
			Total Energy	$	11,939,435
			Materials - 1.9%
			Commodity Chemicals - 1.0%
186,606			Axiall Corp.	$	7,992,335
93,934			LyondellBasell Industries NV		9,980,488
				$	17,972,823
			Diversified Metals & Mining - 0.9%
389,664			Freeport-McMoRan, Inc.	$	14,503,294
1,373,468			Polymet Mining Corp. *		1,593,223
				$	16,096,517
			Total Materials	$	34,069,340
			Capital Goods - 2.0%
			Aerospace & Defense - 0.2%
150,232			Orbital Sciences Corp. *	$	3,856,455
			Electrical Components & Equipment - 0.8%
667,230			General Cable Corp.	$	14,832,523
			Construction & Farm Machinery & Heavy Trucks - 0.6%
482,433			Commercial Vehicle Group, Inc. *	$	4,419,086
109,200			Joy Global, Inc.		6,471,192
				$	10,890,278
			Industrial Machinery - 0.4%
28,022			ESCO Technologies, Inc.	$	940,138
139,920			Kennametal, Inc.		5,915,818
				$	6,855,956
			Total Capital Goods	$	36,435,212
			Transportation - 0.2%
			Air Freight & Logistics - 0.1%
2,282			CEVA Group Plc *	$	2,510,266
			Marine - 0.1%
4,099,666			Horizon Lines, Inc. *	$	1,516,876
			Total Transportation	$	4,027,142
			Consumer Services - 0.3%
			Restaurants - 0.3%
59,425			Starbucks Corp.	$	4,616,134
			Education Services - 0.0%†
13,966			Cengage Learning Holdings II LP	$	489,683
			Total Consumer Services	$	5,105,817
			Household & Personal Products - 0.1%
			Personal Products - 0.1%
43,613			Nu Skin Enterprises, Inc.	$	2,559,647
			Total Household & Personal Products	$	2,559,647
			Health Care Equipment & Services - 0.9%
			Health Care Services - 0.1%
255,259			BioScrip, Inc. *	$	1,911,890
			Managed Health Care - 0.8%
108,880			Aetna, Inc.	$	8,441,466
67,800			Cigna Corp.		6,104,712
				$	14,546,178
			Total Health Care Equipment & Services	$	16,458,068
			Pharmaceuticals, Biotechnology & Life Sciences - 1.4%
			Biotechnology - 0.4%
104,790			Cubist Pharmaceuticals, Inc. *	$	6,381,711
			Life Sciences Tools & Services - 1.0%
46,569			Bio-Rad Laboratories, Inc. *	$	5,354,969
95,749			Thermo Fisher Scientific, Inc.		11,633,504
17,606			Waters Corp. *		1,821,165
				$	18,809,638
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	25,191,349
			Real Estate - 0.6%
			Real Estate Operating Companies - 0.6%
557,579			Forest City Enterprises, Inc. *	$	10,688,789
			Total Real Estate	$	10,688,789
			Technology Hardware & Equipment - 0.7%
			Computer Hardware - 0.2%
101,437			NCR Corp. *	$	3,139,475
			Computer Storage & Peripherals - 0.1%
103,800			EMC Corp.	$	3,041,340
			Electronic Equipment Manufacturers - 0.2%
106,629			Itron, Inc. *	$	3,836,511
			Electronic Manufacturing Services - 0.2%
58,898			TE Connectivity, Ltd.	$	3,645,197
			Total Technology Hardware & Equipment	$	13,662,523
			Telecommunication Services - 0.4%
			Integrated Telecommunication Services - 0.4%
585,800			Windstream Holdings, Inc.	$	6,713,268
			Total Telecommunication Services	$	6,713,268
			TOTAL COMMON STOCKS
			(Cost $114,849,438)	$	166,850,590
Principal Amount ($)
			ASSET BACKED SECURITIES - 0.3%
			Consumer Services - 0.0%†
			Hotels, Resorts & Cruise Lines - 0.0%†
446,417		NR/NR	Westgate Resorts 2012-A LLC, 3.75%, 8/20/25 (144A)	$	451,065
			Total Consumer Services	$	451,065
			Banks - 0.3%
			Thrifts & Mortgage Finance - 0.3%
1,000,000		NR/NR	Bayview Opportunity Master Fund Trust 2013-3RPL, 4.0%, 4/28/18 (Step) (144A)	$	994,869
1,560,000		CCC/C	Citicorp Residential Mortgage Trust Series 2006-2, 5.918%, 9/25/36 (Step)		1,403,476
2,513,900	5.00	NR/NR	GMAT 2013-1 Trust, Floating Rate Note, 8/25/53		2,397,546
				$	4,795,891
			Total Banks	$	4,795,891
			TOTAL ASSET BACKED SECURITIES
			(Cost $5,277,637)	$	5,246,956
			COLLATERALIZED MORTGAGE OBLIGATIONS - 0.9%
			Banks - 0.8%
			Thrifts & Mortgage Finance - 0.8%
2,000,000	5.99	B-/NR	Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51	$	2,002,492
575,000	4.45	NR/NR	CAM Mortgage Trust 2014-2, Floating Rate Note, 5/15/48 (144A)		574,364
595,000	5.97	B-/NR	COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46		499,622
2,650,000	3.65	BB-/NR	COMM 2014-KYO Mortgage Trust, Floating Rate Note, 6/11/27		2,655,669
956,379		B-/Ba3	Global Mortgage Securitization, Ltd., 5.25%, 11/25/32		920,542
1,000,000	5.84	BB+/Ba2	GS Mortgage Securities Corp. II Commercial Mortgage Pass Through Certificates Series 2004-GG2, Floating Rate Note, 8/10/38		998,978
1,061,470		NR/NR	Homeowner Assistance Program Reverse Mortgage Loan Trust 2013-RM1, 4.0%, 5/26/53 (144A)		1,039,285
4,270,000	3.75	BB-/NR	JP Morgan Chase Commercial Mortgage Securities Trust 2014-INN, Floating Rate Note, 6/15/29		4,272,635
400,000	5.58	BB/NR	Springleaf Mortgage Loan Trust, Floating Rate Note, 6/25/58 (144A)		399,888
1,000,000		NR/NR	Vericrest Opportunity Loan Transferee 2014-NPL4 LLC, 4.0%, 4/27/54 (Step) (144A)		989,958
				$	14,353,433
			Total Banks	$	14,353,433
			Diversified Financials - 0.1%
			Specialized Finance - 0.1%
1,935,000	5.97	B-/NR	COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46	$	1,799,550
			Total Diversified Financials	$	1,799,550
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
			(Cost $16,127,542)	$	16,152,983
			CORPORATE BONDS - 60.7%
			Energy - 18.5%
			Oil & Gas Drilling - 1.3%
5,000,000		NR/NR	North Atlantic Drilling, Ltd., 6.25%, 2/1/19 (144A)	$	4,950,000
4,000,000		B-/B3	Offshore Group Investment, Ltd., 7.125%, 4/1/23		3,950,000
3,650,000		B-/B3	Offshore Group Investment, Ltd., 7.5%, 11/1/19		3,759,500
2,995,000		B+/B1	Parker Drilling Co., 7.5%, 8/1/20		3,182,188
6,910,000		B+/B1	Shelf Drilling Holdings, Ltd., 8.625%, 11/1/18 (144A)		7,324,600
				$	23,166,288
			Oil & Gas Equipment & Services - 1.8%
9,355,000		B+/B2	Basic Energy Services, Inc., 7.75%, 10/15/22	$	10,126,788
4,245,000		BB-/Ba3	Bristow Group, Inc., 6.25%, 10/15/22		4,478,475
2,435,000		BB-/B1	Calfrac Holdings LP, 7.5%, 12/1/20 (144A)		2,568,925
1,725,000		BB-/Ba3	Exterran Holdings, Inc., 7.25%, 12/1/18		1,798,312
5,175,000		B/B1	Exterran Partners LP, 6.0%, 10/1/22		5,149,125
2,750,000		B/B1	Exterran Partners LP, 6.0%, 4/1/21		2,750,000
1,275,000		B-/B2	FTS International, Inc., 6.25%, 5/1/22 (144A)		1,297,312
54,000		NR/NR	Green Field Energy Services, Inc., 11/15/16 (144A) (c) (d)		4,320
2,555,000		BB-/B1	Key Energy Services, Inc., 6.75%, 3/1/21		2,606,100
2,955,000		B/B3	Seitel, Inc., 9.5%, 4/15/19		3,110,138
				$	33,889,495
			Integrated Oil & Gas - 0.8%
3,365,000		NR/NR	American Energy - Utica LLC, 3.5% (3.50% Cash, 0.00% PIK), 3/1/21 (144A) (PIK)	$	3,937,050
2,275,000		CCC+/Caa1	American Energy-Permian Basin LLC, 7.375%, 11/1/21 (144A)		2,201,062
3,095,000		CCC+/B3	Athlon Holdings LP, 6.0%, 5/1/22 (144A)		3,102,738
3,865,000		B/B3	Energy XXI Gulf Coast, Inc., 7.5%, 12/15/21		4,038,925
1,300,000		B-/B3	Jones Energy Holdings LLC, 6.75%, 4/1/22 (144A)		1,352,000
				$	14,631,775
			Oil & Gas Exploration & Production - 12.4%
2,500,000		BB-/B1	Antero Resources Finance Corp., 5.375%, 11/1/21	$	2,531,250
3,360,000		BB-/B1	Antero Resources Finance Corp., 6.0%, 12/1/20		3,502,800
1,205,000		B-/B3	Approach Resources, Inc., 7.0%, 6/15/21		1,250,188
2,150,000		B-/B3	Carrizo Oil & Gas, Inc., 7.5%, 9/15/20		2,327,375
10,236,000		B-/B3	Carrizo Oil & Gas, Inc., 8.625%, 10/15/18		10,696,620
3,310,000		B-/B3	Chaparral Energy, Inc., 8.25%, 9/1/21		3,541,700
8,435,000		BB+/Ba1	Chesapeake Energy Corp., 5.375%, 6/15/21		8,661,691
3,110,000		BB+/Ba1	Cimarex Energy Co., 5.875%, 5/1/22		3,397,675
3,832,000		B-/B3	Comstock Resources, Inc., 7.75%, 4/1/19		4,033,180
3,675,000		BB+/Ba3	Concho Resources, Inc., 5.5%, 4/1/23		3,803,625
2,925,000		BB+/Ba3	Concho Resources, Inc., 6.5%, 1/15/22		3,115,125
5,520,000		BB/B1	Denbury Resources, Inc., 4.625%, 7/15/23		5,161,200
4,670,000		BB/B1	Denbury Resources, Inc., 5.5%, 5/1/22		4,588,275
4,155,000		NR/NR	Energy & Exploration Partners, Inc., 8.0%, 7/1/19 (144A)		4,175,775
13,000,000		B/B2	EP Energy LLC, 9.375%, 5/1/20		14,397,500
5,205,000		B/B3	EPL Oil & Gas, Inc., 8.25%, 2/15/18		5,439,225
7,615,000		B-/B3	Gulfport Energy Corp., 7.75%, 11/1/20		8,262,275
7,255,000		CCC+/Caa1	Halcon Resources Corp., 8.875%, 5/15/21		7,527,062
3,225,000		CCC+/Caa1	Halcon Resources Corp., 9.25%, 2/15/22		3,390,281
1,400,000		B/B3	Kodiak Oil & Gas Corp., 5.5%, 1/15/21		1,470,000
3,000,000		B/B3	Kodiak Oil & Gas Corp., 5.5%, 2/1/22		3,165,000
5,200,000		B/B3	Kodiak Oil & Gas Corp., 8.125%, 12/1/19		5,694,520
3,350,000		B/Caa1	Legacy Reserves LP, 6.625%, 12/1/21		3,358,375
3,850,000		B/NR	Legacy Reserves LP, 6.625%, 12/1/21 (144A)		3,859,625
3,860,000		B-/Caa1	Lightstream Resources, Ltd., 8.625%, 2/1/20 (144A)		3,995,100
14,935,000		B+/NR	Linn Energy LLC, 6.25%, 11/1/19		15,159,025
2,000,000		CCC+/Caa1	Memorial Production Partners LP, 6.875%, 8/1/22 (144A)		1,940,000
3,350,000		CCC+/Caa1	Memorial Production Partners LP, 7.625%, 5/1/21		3,442,125
4,155,000		CCC+/Caa1	Midstates Petroleum Co., Inc., 10.75%, 10/1/20		4,477,012
2,800,000		CCC+/Caa1	Midstates Petroleum Co., Inc., 9.25%, 6/1/21		2,891,000
4,125,000		B-/Caa1	Northern Oil and Gas, Inc., 8.0%, 6/1/20		4,351,875
2,820,000		B+/B2	Oasis Petroleum, Inc., 6.5%, 11/1/21		2,989,200
4,960,000		B-/B3	PDC Energy, Inc., 7.75%, 10/15/22		5,505,600
5,845,000		B-/Caa1	Penn Virginia Corp., 7.25%, 4/15/19		6,078,800
4,995,000		B-/Caa1	Penn Virginia Corp., 8.5%, 5/1/20		5,531,962
3,075,000		B-/Caa1	QR Energy LP, 9.25%, 8/1/20		3,520,875
3,295,000		CCC+/B3	Rice Energy, Inc., 6.25%, 5/1/22 (144A)		3,262,050
7,285,000		B-/B3	RKI Exploration & Production LLC, 8.5%, 8/1/21 (144A)		7,794,950
8,170,000		B+/B1	Rosetta Resources, Inc., 5.875%, 6/1/22		8,312,975
5,075,000		B-/B3	Sanchez Energy Corp., 7.75%, 6/15/21		5,506,375
1,945,000		B-/B3	Stone Energy Corp., 7.5%, 11/15/22		2,086,012
14,720,000		B/B2	Swift Energy Co., 7.875%, 3/1/22		15,382,400
3,000,000		CCC+/Caa1	Talos Production LLC, 9.75%, 2/15/18 (144A)		3,112,500
4,700,000		B/B3	Vanguard Natural Resources LLC, 7.875%, 4/1/20		5,005,500
				$	227,695,678
			Oil & Gas Refining & Marketing - 0.7%
6,525,000		B+/B2	Calumet Specialty Products Partners LP, 6.5%, 4/15/21 (144A)	$	6,655,500
5,445,000		BB+/Ba2	Tesoro Corp., 5.375%, 10/1/22		5,472,225
				$	12,127,725
			Oil & Gas Storage & Transportation - 1.3%
4,810,000		BB/B1	Crestwood Midstream Partners LP, 6.125%, 3/1/22 (144A)	$	4,966,325
3,520,000		NR/NR	Energy Transfer Equity LP, 5.875%, 1/15/24 (144A)		3,590,400
9,380,000		BB+/Ba3	Sabine Pass Liquefaction LLC, 5.625%, 2/1/21		9,708,300
5,985,000		BB+/Ba3	Targa Resources Partners LP, 4.25%, 11/15/23		5,805,450
				$	24,070,475
			Coal & Consumable Fuels - 0.1%
4,170,000		NR/NR	James River Coal Co., 7.875%, 4/1/19 (d)	$	458,700
1,900,000		B-/Caa1	Murray Energy Corp., 8.625%, 6/15/21 (144A)		2,014,000
				$	2,472,700
			Total Energy	$	338,054,136
			Materials - 4.8%
			Commodity Chemicals - 0.7%
2,756,000		CCC+/Caa1	Hexion US Finance Corp., 8.875%, 2/1/18	$	2,844,192
2,445,000		CCC+/Caa2	Hexion US Finance Corp., 9.0%, 11/15/20		2,432,775
1,750,000		B+/B2	Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)		1,811,250
5,195,000		BB-/B2	Tronox Finance LLC, 6.375%, 8/15/20		5,246,950
				$	12,335,167
			Specialty Chemicals - 0.2%
2,725,000		BB-/B1	Chemtura Corp., 5.75%, 7/15/21	$	2,779,500
			Metal & Glass Containers - 2.3%
3,500,000		CCC+/Caa2	Ardagh Finance Holdings SA, 8.625%, (0.00% Cash, 8.625% PIK) 6/15/19 (144A) (PIK)	$	3,526,250
3,350,000		CCC+/Caa1	Ardagh Packaging Finance Plc, 6.75%, 1/31/21 (144A)		3,341,625
758,824		NR/Caa1	Ardagh Packaging Finance Plc, 7.0%, 11/15/20 (144A)		747,441
13,120,000		B+/Ba3	Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		14,530,400
6,700,000		CCC+/Caa2	Reynolds Group Issuer, Inc., 8.25%, 2/15/21		7,102,000
7,495,000		CCC+/Caa2	Reynolds Group Issuer, Inc., 8.5%, 5/15/18		7,776,062
800,000		CCC+/Caa2	Reynolds Group Issuer, Inc., 9.0%, 4/15/19		834,000
4,565,000		CCC+/Caa2	Reynolds Group Issuer, Inc., 9.875%, 8/15/19		4,918,788
				$	42,776,566
			Paper Packaging - 0.1%
1,532,000		B/B3	Packaging Dynamics Corp., 8.75%, 2/1/16 (144A)	$	1,566,470
			Diversified Metals & Mining - 0.6%
8,775,000		D/NR	Midwest Vanadium Pty, Ltd., 11.5%, 2/15/18 (144A) (d)	$	3,685,500
1,595,000		B/Caa1	Prince Mineral Holding Corp., 12.0%, 12/15/19 (144A)		1,787,397
2,250,000		B+/B1	SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A)		2,362,500
2,165,000		B-/B3	TMS International Corp., 7.625%, 10/15/21 (144A)		2,294,900
				$	10,130,297
			Gold - 0.3%
6,445,000		BB-/B1	IAMGOLD Corp., 6.75%, 10/1/20 (144A)	$	5,929,400
			Steel - 0.3%
2,615,000		B+/B3	APERAM, 7.375%, 4/1/16 (144A)	$	2,673,838
2,855,000		B-/Caa1	JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)		2,826,450
				$	5,500,288
			Paper Products - 0.4%
1,580,000		BB/Ba2	Clearwater Paper Corp., 4.5%, 2/1/23	$	1,516,800
5,570,000		BB-/Ba3	Resolute Forest Products, Inc., 5.875%, 5/15/23		5,291,500
				$	6,808,300
			Total Materials	$	87,825,988
			Capital Goods - 3.6%
			Aerospace & Defense - 0.8%
2,650,000		BB-/Ba3	Bombardier, Inc., 4.75%, 4/15/19	$	2,567,188
6,025,000		BB-/Ba3	Bombardier, Inc., 6.0%, 10/15/22		5,904,500
4,350,000		BB/B1	DigitalGlobe, Inc., 5.25%, 2/1/21		4,257,562
1,583,000		CCC+/B3	DynCorp International, Inc., 10.375%, 7/1/17		1,608,724
				$	14,337,974
			Building Products - 0.2%
2,750,000		BB-/NR	Gibraltar Industries, Inc., 6.25%, 2/1/21	$	2,811,875
			Construction & Engineering - 0.2%
3,000,000		BB-/Ba3	Dycom Investments, Inc., 7.125%, 1/15/21	$	3,232,500
			Industrial Conglomerates - 0.2%
4,030,000		B+/B2	JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)	$	4,458,188
			Construction & Farm Machinery & Heavy Trucks - 0.4%
6,850,000		CCC-/B3	Navistar International Corp., 8.25%, 11/1/21	$	7,072,625
			Industrial Machinery - 0.7%
2,755,000		B-/B3	Boart Longyear Management Pty, Ltd., 10.0%, 10/1/18 (144A)	$	2,885,862
7,076,000		B/Caa1	Mueller Water Products, Inc., 7.375%, 6/1/17		7,164,450
2,660,000		B/B3	Xerium Technologies, Inc., 8.875%, 6/15/18		2,819,600
				$	12,869,912
			Machinery & Manufacturing- 0.6%
4,550,000		CCC+/Caa1	Accudyne Industries Borrower, 7.75%, 12/15/20 (144A)	$	4,766,125
5,445,000		BB/Ba3	Amsted Industries, Inc., 5.0%, 3/15/22 (144A)		5,404,162
				$	10,170,287
			Trading Companies & Distributors - 0.6%
5,200,000		BB/Ba3	Rexel SA, 5.25%, 6/15/20 (144A)	$	5,278,000
5,145,000		B+/B1	WESCO Distribution, Inc., 5.375%, 12/15/21		5,260,762
				$	10,538,762
			Total Capital Goods	$	65,492,123
			Commercial Services & Supplies - 0.5%
			Environmental & Facilities Services - 0.3%
2,400,000		B-/Caa2	Liberty Tire Recycling LLC, 11.0%, 10/1/16 (144A)	$	2,274,000
2,000,000		B/B3	Safway Group Holding LLC, 7.0%, 5/15/18 (144A)		2,095,000
				$	4,369,000
			Diversified Support Services - 0.2%
1,800,000		B/Caa2	NANA Development Corp., 9.5%, 3/15/19 (144A)	$	1,747,125
			Total Commercial Services & Supplies	$	6,116,125
			Transportation - 1.2%
			Airlines - 0.6%
1,982,333		A-/NR	American Airlines 2013-2 Class A Pass Through Trust, 4.95%, 1/15/23	$	1,982,333
2,950,000		NR/NR	Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A)		3,068,000
2,525,000		BB+/NR	United Airlines 2013-1 Class B Pass Through Trust, 5.375%, 8/15/21		2,632,312
3,200,000		B/B2	United Continental Holdings, Inc., 6.0%, 7/15/26		3,132,000
				$	10,814,645
			Railroads - 0.4%
3,055,000		NR/NR	AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)	$	3,123,738
4,250,000		B/B3	Florida East Coast Holdings Corp., 6.75%, 5/1/19 (144A)		4,398,750
				$	7,522,488
			Transportation & Logistics - 0.3%
1,990,000		CCC+/B2	Jack Cooper Holdings Corp., 9.25%, 6/1/20 (144A)	$	2,179,050
3,500,000		CCC+/Caa1	syncreon Group BV, 8.625%, 11/1/21 (144A)		3,513,125
				$	5,692,175
			Airport Services - 0.1%
1,700,000		B/B2	Aguila 3 SA, 7.875%, 1/31/18 (144A)	$	1,778,625
			Total Transportation	$	25,807,933
			Automobiles & Components - 0.8%
			Auto Parts & Equipment - 0.7%
4,650,000		BB+/B2	Dana Holding Corp., 6.0%, 9/15/23	$	4,847,625
3,240,000		B-/B3	Meritor, Inc., 6.75%, 6/15/21		3,434,400
1,600,000		B/B3	Pittsburgh Glass Works LLC, 8.0%, 11/15/18 (144A)		1,716,000
2,690,000		B/B1	Schaeffler Holding Finance BV, 6.875%, 8/15/18 (6.875% Cash, 7.625% PIK) (144A) (PIK)		2,824,500
				$	12,822,525
			Tires & Rubber - 0.1%
1,635,000		B+/B1	The Goodyear Tire & Rubber Co., 7.0%, 5/15/22	$	1,773,975
			Total Automobiles & Components	$	14,596,500
			Consumer Durables & Apparel - 2.9%
			Homebuilding - 2.4%
2,100,000		BB-/B2	Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)	$	2,202,375
5,045,000		BB/Ba1	DR Horton, Inc., 5.75%, 8/15/23		5,322,475
8,375,000		B/B2	KB Home, 7.0%, 12/15/21		9,003,125
4,150,000		BB-/Ba3	Lennar Corp., 4.5%, 6/15/19		4,150,000
8,730,000		BB-/Ba3	Lennar Corp., 4.75%, 11/15/22		8,380,800
3,660,000		BB-/Ba3	Meritage Homes Corp., 7.0%, 4/1/22		3,998,550
1,800,000		B/B2	Rialto Holdings LLC, 7.0%, 12/1/18 (144A)		1,854,000
6,975,000		B+/B1	Standard Pacific Corp., 6.25%, 12/15/21		7,219,125
2,540,000		BB-/B1	The Ryland Group, Inc., 5.375%, 10/1/22		2,489,200
				$	44,619,650
			Home Improvement - 0.5%
7,901,000		B-/Caa1	BC Mountain LLC, 7.0%, 2/1/21 (144A)	$	7,584,960
			Total Consumer Durables & Apparel	$	52,204,610
			Consumer Services - 1.2%
			Casinos & Gaming - 0.4%
2,075,000		BBB-/Ba1	GLP Capital LP, 4.375%, 11/1/18	$	2,106,125
3,250,000		BBB-/Ba1	GLP Capital LP, 4.875%, 11/1/20		3,298,750
13,206,505		NR/NR	Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.00% Cash, 5.50% PIK) (PIK)		1,650,813
				$	7,055,688
			Hotels, Resorts & Cruise Lines - 0.5%
4,815,000		B-/B3	MISA Investments, Ltd., 8.625%, 8/15/18 (8.625% Cash, 9.375 PIK) (144A) (PIK)	$	4,925,745
4,290,000		B+/B3	Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)		4,708,275
				$	9,634,020
			Education Services - 0.2%
3,695,000		CCC+/Caa1	Cambium Learning Group, Inc., 9.75%, 2/15/17	$	3,695,000
			Specialized Consumer Services - 0.1%
1,425,000		BB-/Ba3	Sotheby's, 5.25%, 10/1/22 (144A)	$	1,392,938
			Total Consumer Services	$	21,777,646
			Media - 3.6%
			Advertising - 0.3%
5,360,000		B-/B3	MDC Partners, Inc., 6.75%, 4/1/20 (144A)	$	5,574,400
			Broadcasting - 0.9%
3,900,000		B-/Caa2	Intelsat Luxembourg SA, 7.75%, 6/1/21	$	3,987,750
5,975,000		B+/B2	Quebecor Media, Inc., 5.75%, 1/15/23		6,034,750
6,035,000		B+/B2	Univision Communications, Inc., 6.875%, 5/15/19 (144A)		6,336,750
				$	16,359,250
			Cable & Satellite - 1.1%
9,250,000		B/B1	CCO Holdings LLC, 6.5%, 4/30/21	$	9,620,000
1,575,000		B+/Ba3	Numericable Group SA, 6.0%, 5/15/22 (144A)		1,582,875
9,050,000		BB/Ba2	Videotron, Ltd., 5.375%, 6/15/24 (144A)		9,050,000
				$	20,252,875
			Movies & Entertainment - 0.8%
1,300,000		B+/B3	Live Nation Entertainment, Inc., 5.375%, 6/15/22 (144A)	$	1,300,000
3,050,000		B+/B3	Live Nation Entertainment, Inc., 7.0%, 9/1/20 (144A)		3,286,375
425,000		B-/B3	Regal Entertainment Group, 5.75%, 3/15/22		433,500
4,895,000		B-/B3	Regal Entertainment Group, Inc., 5.75%, 2/1/25		4,882,762
5,475,000		B/Caa1	WMG Acquisition Corp., 6.75%, 4/15/22 (144A)		5,324,438
				$	15,227,075
			Publishing - 0.5%
6,170,000		BB+/Ba1	Gannett Co., Inc., 6.375%, 10/15/23 (144A)	$	6,509,350
1,675,000		B-/B3	MPL 2 Acquisition Canco, Inc., 9.875%, 8/15/18 (144A)		1,800,625
				$	8,309,975
			Total Media	$	65,723,575
			Retailing - 0.6%
			Apparel Retail - 0.1%
2,350,000		B+/B3	Brown Shoe Co., Inc., 7.125%, 5/15/19	$	2,470,438
			Computer & Electronics Retail - 0.1%
2,590,000		B+/B1	Rent-A-Center, Inc., 4.75%, 5/1/21	$	2,311,575
			Specialty Stores - 0.4%
4,010,000		BB-/Ba3	Outerwall, Inc., 5.875%, 6/15/21 (144A)	$	3,939,825
2,805,000		CCC+/Caa2	PC Nextco Holdings LLC, 8.75%, 8/15/19 (0.00 Cash, 9.50 PIK) (144A) (PIK)		2,833,050
				$	6,772,875
			Total Retailing	$	11,554,888
			Food & Staples Retailing - 0.2%
			Food Distributors - 0.2%
3,635,000		B-/B3	KeHE Distributors LLC, 7.625%, 8/15/21 (144A)	$	3,916,712
			Total Food & Staples Retailing	$	3,916,712
			Food, Beverage & Tobacco - 1.5%
			Distillers & Vintners - 0.4%
4,100,000		BB+/Ba1	Constellation Brands, Inc., 3.75%, 5/1/21	$	3,997,500
3,235,000		BB+/Ba1	Constellation Brands, Inc., 4.25%, 5/1/23		3,194,562
				$	7,192,062
			Soft Drinks - 0.2%
3,995,000		B+/B3	Cott Beverages, Inc., 5.375%, 7/1/22 (144A)	$	3,945,062
			Agricultural Products - 0.2%
4,460,000		B/B2	Southern States Cooperative, Inc., 10.0%, 8/15/21 (144A)	$	4,526,900
			Packaged Foods & Meats - 0.2%
1,775,000		B/B2	Post Holdings, Inc., 6.75%, 12/1/21 (144A)	$	1,843,781
2,100,000		B/B2	Post Holdings, Inc., 7.375%, 2/15/22		2,236,500
				$	4,080,281
			Tobacco - 0.5%
8,460,000		B-/Caa1	Alliance One International, Inc., 9.875%, 7/15/21	$	8,306,662
			Total Food, Beverage & Tobacco	$	28,050,967
			Household & Personal Products - 0.3%
			Personal Products - 0.3%
2,400,000		CCC+/Caa1	Monitronics International, Inc., 9.125%, 4/1/20	$	2,520,000
2,495,000		B/B2	Revlon Consumer Products Corp., 5.75%, 2/15/21		2,532,425
				$	5,052,425
			Total Household & Personal Products	$	5,052,425
			Health Care Equipment & Services - 2.2%
			Health Care Services - 0.2%
3,675,000		CCC/Caa2	BioScrip, Inc., 8.875%, 2/15/21 (144A)	$	3,757,688
684,000		CCC+/Caa2	Gentiva Health Services, Inc., 11.5%, 9/1/18		725,040
				$	4,482,728
			Health Care Facilities - 1.6%
4,240,000		B-/NR	Amsurg Corp., 5.625%, 7/15/22 (144A)	$	4,261,200
16,400,000		B-/B3	CHS, Inc., 8.0%, 11/15/19		17,592,280
3,200,000		B-/B3	Kindred Healthcare, Inc., 6.375%, 4/15/22 (144A)		3,168,000
2,850,000		B+/Ba3	Tenet Healthcare Corp., 4.375%, 10/1/21		2,743,125
1,265,000		B/B3	Universal Hospital Services, Inc., 7.625%, 8/15/20		1,290,300
				$	29,054,905
			Managed Health Care - 0.3%
5,370,000		BB/Ba2	WellCare Health Plans, Inc., 5.75%, 11/15/20	$	5,477,400
			Health Care Technology - 0.1%
1,400,000		B/B3	MedAssets, Inc., 8.0%, 11/15/18	$	1,459,500
			Total Health Care Equipment & Services	$	40,474,533
			Pharmaceuticals, Biotechnology & Life Sciences - 1.3%
			Biotechnology - 0.6%
9,859,000		B-/Caa1	Lantheus Medical Imaging, Inc., 9.75%, 5/15/17	$	9,834,352
			Pharmaceuticals - 0.7%
7,715,000		B+/B1	Endo Finance LLC & Endo Finco, Inc., 5.375%, 1/15/23 (144A)	$	7,444,975
5,610,000		CCC+/Caa2	JLL, 7.5%, 2/1/22 (144A)		5,778,300
				$	13,223,275
			Total Pharmaceuticals, Biotechnology & Life Sciences	$	23,057,627
			Diversified Financials - 1.7%
			Other Diversified Financial Services - 0.4%
2,375,000	5.90	BB+/Ba3	Citigroup, Inc., Floating Rate Note (Perpetual)	$	2,360,610
5,295,000		NR/NR	JPMorgan Chase & Co., 5.0%, 12/20/15		294,353
4,200,000	5.65	BB/Ba1	Voya Financial, Inc., Floating Rate Note, 5/15/53		4,273,500
				$	6,928,463
			Specialized Finance - 1.1%
1,515,000		B+/B2	Nationstar Mortgage LLC, 6.5%, 6/1/22		1,473,338
11,350,000		B+/B2	Nationstar Mortgage LLC, 6.5%, 7/1/21		11,009,500
1,820,000		B+/B2	Nationstar Mortgage LLC, 6.5%, 8/1/18		1,801,800
3,100,000		B/B1	Oxford Finance LLC, 7.25%, 1/15/18 (144A)		3,231,750
2,400,000	N/A	BB+/NR	Sanders Re, Ltd., Floating Rate Note, 5/25/18 (Cat Bond)		2,374,560
				$	19,890,948
			Consumer Finance - 0.2%
3,265,000		B/B3	TMX Finance LLC, 8.5%, 9/15/18 (144A)	$	3,464,981
			Total Diversified Financials	$	30,284,392
			Insurance - 4.4%
			Insurance Brokers - 0.3%
4,900,000		CCC+/Caa2	USI, Inc. New York, 7.75%, 1/15/21 (144A)	$	4,863,250
			Life & Health Insurance - 0.3%
5,400,000		BB-/Ba3	Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A)	$	5,724,000
			Property & Casualty Insurance - 0.3%
4,080,000		NR/NR	Dartmouth Aspen, 12/31/14 (c)	$	3,950,664
1,450,000		NR/NR	Kane SAC Limited, Floating Rate Note, 7/30/16		1,485,235
				$	5,435,899
			Reinsurance - 3.5%
250,000		NR/NR	Alamo Re, Ltd., Floating Rate Note, 6/7/17 (Cat Bond) (144A)	$	252,550
450,000	8.10	BB-/NR	Atlas Reinsurance VII, Ltd., Floating Rate Note, 1/7/16 (Cat Bond) (144A)		462,825
1,500,000	0.02	BB+/NR	Blue Danube II, Ltd., Floating Rate Note, 5/23/16 (Cat Bond) (144A)		1,512,150
250,000	6.23	BB+/NR	Blue Danube, Ltd., Floating Rate Note, 4/10/15 (Cat Bond) (144A)		253,425
1,325,000	5.29	BB-/NR	Caelus Re, Ltd., Floating Rate Note, 3/7/16 (Cat Bond) (144A)		1,332,420
1,500,000	6.89	NR/NR	Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)		1,547,550
1,250,000	17.98	NR/NR	Combine Re, Ltd., Floating Rate Note, 1/7/15 (Cat Bond) (144A)		1,302,875
1,400,000	10.28	BB-/NR	Compass Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)		1,406,580
400,000	9.03	BB/NR	East Lane Re V, Ltd., Floating Rate Note, 3/16/16 (Cat Bond) (144A)		423,880
500,000	7.40	BB-/NR	Embarcadero Reinsurance, Ltd., Floating Rate Note, 2/13/15 (Cat Bond) (144A)		505,750
1,500,000	5.02	BB+/NR	Foundation Re III, Ltd., Floating Rate Note, 2/25/15 (Cat Bond) (144A)		1,504,800
1,800,000	7.43	NR/NR	Galileo Re, Ltd., Floating Rate Note, 1/9/19 (Cat Bond) (144A)		1,836,000
3,040,000		NR/NR	Gloucester Kane SAC, Floating Rate Note, 6/12/15		2,716,240
1,500,000	13.53	B-/NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)		1,499,550
1,200,000	8.38	BB-/NR	Ibis Re II, Ltd., Floating Rate Note, 2/5/15 (Cat Bond) (144A)		1,200,960
1,255,400	4.84	NR/NR	Kane SAC Ltd., PI-3, Series A-2014, Floating Rate Note, 4/7/15		1,244,604
1,004,200		NR/NR	Kane SAC, Ltd, Floating Rate Note, 6/12/15		1,012,635
1,018,720		NR/NR	Kane SAC, Ltd, Floating Rate Note, 7/14/15		966,052
2,575,000	4.77	BB-/NR	Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)		2,578,090
350,000	4.52	BB-/NR	Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)		347,795
1,500,000	4.03	BB/NR	Longpoint Re, Ltd. III, Floating Rate Note, 5/18/16 (Cat Bond) (144A)		1,512,150
2,400,000	12.02	B/NR	Mystic Re, Ltd., Floating Rate Note, 3/12/15 (Cat Bond) (144A)		2,455,680
1,325,000	8.53	B+/NR	Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 1/5/17 (Cat Bond) (144A)		1,398,008
675,000	0.01	B-/NR	Mythen Re, Ltd., Series 2012-2 Class A, Floating Rate Note, 11/10/16 (Cat Bond) (144A)		704,632
500,000	8.03	NR/NR	Mythen Re, Ltd., Series 2013-1 Class B, Floating Rate Note, 7/9/15 (Cat Bond) (144A)		510,000
2,000,000	7.52	BB-/NR	Queen Street IV Capital, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		2,016,200
1,150,000	8.52	BB-/NR	Queen Street V Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		1,163,340
250,000	10.58	B/NR	Queen Street VI Re, Ltd., Floating Rate Note, 4/9/15 (Cat Bond) (144A)		254,475
1,450,000	8.62	B/NR	Queen Street VII Re, Ltd., Floating Rate Note, 4/8/16 (Cat Bond) (144A)		1,490,165
2,000,000	13.28	NR/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/15 (Cat Bond) (144A)		2,079,200
800,000	8.78	B+/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		832,320
3,450,000	12.03	B-/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/15 (Cat Bond) (144A)		3,564,885
1,750,000	8.93	NR/NR	Residential Reinsurance 2011, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A)		1,806,875
250,000	5.78	BB/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		258,775
2,100,000	12.78	NR/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		2,269,470
950,000	19.03	NR/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)		1,058,775
1,100,000	10.03	BB-/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		1,201,860
1,750,000	22.03	NR/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		2,058,525
500,000	8.03	BB/NR	Residential Reinsurance 2012, Ltd., Floating Rate Note, 6/6/16 (Cat Bond) (144A)		540,350
250,000	20.05	NR/NR	Residential Reinsurance 2013, Ltd., Floating Rate Note, 12/6/17 (Cat Bond) (144A)		252,100
800,000	9.28	B-/NR	Residential Reinsurance 2013, Ltd., Floating Rate Note, 6/6/17 (Cat Bond) (144A)		833,040
1,600,000	4.02	BB/NR	Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A)		1,594,560
13,799		NR/NR	Sector Re V, Ltd., 12/1/17 (Cat Bond) (144A) (c)		0
2,150,000		NR/NR	Sector Re V, Ltd., 12/1/18 (Cat Bond) (144A) (c)		2,294,265
3,587		NR/NR	Sector Re V, Ltd., 3/1/18 (Cat Bond) (144A) (c)		224,710
1,250,000		NR/NR	Sector Re V, Ltd., 3/30/19 (Cat Bond) (144A) (c)		1,287,125
2,000,000		NR/NR	Silverton Re, Ltd., 9/16/16 (Cat Bond) (144A) (c)		2,331,600
875,000	11.03	NR/NR	Successor X, Ltd., Floating Rate Note, 1/27/15 (Cat Bond) (144A)		882,175
1,200,000	16.27	NR/NR	Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)		1,215,000
375,000	11.27	B-/NR	Successor X, Ltd., Floating Rate Note, 11/10/15 (Cat Bond) (144A)		387,900
1,000,000	8.52	B+/NR	Tar Heel Re, Ltd., Floating Rate Note, 5/9/16 (Cat Bond) (144A)		1,030,400
250,000	6.27	NR/NR	Tradewynd Re, Ltd., Floating Rate Note, 1/8/15 (Cat Bond) (144A)		249,125
				$	63,664,416
			Total Insurance	$	79,687,565
			Real Estate - 1.2%
			Diversified REIT's - 0.5%
9,550,000		B/Ba3	CNL Lifestyle Properties, Inc., 7.25%, 4/15/19	$	9,741,000
			Mortgage REIT's - 0.2%
4,550,000		NR/NR	NorthStar Realty Finance Corp., 3.0%, 9/30/14	$	4,552,070
			Office REIT's - 0.1%
1,000,000		BB/Ba1	DuPont Fabros Technology LP, 5.875%, 9/15/21	$	1,020,000
			Specialized REIT's - 0.1%
2,675,000		BB/Ba3	Aviv Healthcare Properties LP, 7.75%, 2/15/19	$	2,808,750
			Real Estate Development - 0.2%
2,840,000		B/Ba3	The Howard Hughes Corp., 6.875%, 10/1/21 (144A)	$	2,989,100
			Real Estate Services - 0.1%
1,480,000		BB-/B2	Kennedy-Wilson, Inc., 5.875%, 4/1/24	$	1,483,700
			Total Real Estate	$	22,594,620
			Software & Services - 1.7%
			Internet Software & Services - 0.9%
3,400,000		BB-/B2	Bankrate, Inc., 6.125%, 8/15/18 (144A)	$	3,587,000
5,465,000		BB/Ba3	Equinix, Inc., 5.375%, 4/1/23		5,492,325
6,085,000		BB/Ba3	j2 Global, Inc., 8.0%, 8/1/20		6,571,800
				$	15,651,125
			Data Processing & Outsourced Services - 0.5%
2,350,000		BB-/Ba2	Audatex North America, Inc., 6.0%, 6/15/21 (144A)	$	2,461,625
5,048,000		BB-/B2	NeuStar, Inc., 4.5%, 1/15/23		4,290,800
2,950,000		BB-/Ba3	WEX, Inc., 4.75%, 2/1/23 (144A)		2,846,750
				$	9,599,175
			Home Entertainment Software - 0.3%
1,725,000		BB+/Ba2	Activision Blizzard, Inc., 5.625%, 9/15/21 (144A)	$	1,811,250
3,285,000		BB+/Ba2	Activision Blizzard, Inc., 6.125%, 9/15/23 (144A)		3,539,588
				$	5,350,838
			Total Software & Services	$	30,601,138
			Technology Hardware & Equipment - 1.7%
			Communications Equipment - 0.6%
3,865,000		BB+/Ba3	Brocade Communications Systems, Inc., 4.625%, 1/15/23	$	3,710,400
1,860,000		B+/B2	CommScope, Inc., 5.0%, 6/15/21 (144A)		1,841,400
1,770,000		B+/B2	CommScope, Inc., 5.5%, 6/15/24 (144A)		1,761,150
3,000,000		B-/B2	ViaSat, Inc., 6.875%, 6/15/20		3,225,000
				$	10,537,950
			Computer Storage & Peripherals - 0.5%
5,900,000		BBB-/Ba1	Seagate HDD Cayman, 4.75%, 1/1/25 (144A)	$	5,811,500
4,300,000		BBB-/Ba1	Seagate HDD Cayman, 4.75%, 6/1/23 (144A)		4,343,000
				$	10,154,500
			Electronic Equipment Manufacturers - 0.3%
5,300,000		B+/B1	Viasystems, Inc., 7.875%, 5/1/19 (144A)	$	5,512,000
			Electronic Components - 0.1%
1,255,000		B+/Ba2	Belden, Inc., 5.25%, 7/15/24 (144A)	$	1,251,862
			Electronic Manufacturing Services - 0.2%
1,380,000		BB+/Ba1	Flextronics International, Ltd., 4.625%, 2/15/20	$	1,397,250
2,295,000		BB+/Ba1	Flextronics International, Ltd., 5.0%, 2/15/23		2,329,425
				$	3,726,675
			Total Technology Hardware & Equipment	$	31,182,987
			Semiconductors & Semiconductor Equipment - 0.7%
			Semiconductor Equipment - 0.3%
5,100,000		BB-/B3	Entegris, Inc., 6.0%, 4/1/22 (144A)	$	5,265,750
			Semiconductors - 0.4%
6,205,000		B/B2	Advanced Micro Devices, Inc., 6.75%, 3/1/19 (144A)	$	6,360,125
1,825,000		BB/Ba3	Micron Technology, Inc., 5.875%, 2/15/22 (144A)		1,916,250
				$	8,276,375
			Total Semiconductors & Semiconductor Equipment	$	13,542,125
			Telecommunication Services - 4.8%
			Integrated Telecommunication Services - 3.7%
3,625,000		BB/Ba2	CenturyLink, Inc., 5.8%, 3/15/22	$	3,715,625
3,300,000		BB/Ba2	CenturyLink, Inc., 6.45%, 6/15/21		3,547,500
13,358,000		B/B3	Cincinnati Bell, Inc., 8.375%, 10/15/20		14,493,430
4,750,000		BB-/Ba2	Frontier Communications Corp., 7.125%, 1/15/23		4,916,250
9,705,000		BB-/Ba2	Frontier Communications Corp., 8.5%, 4/15/20		11,185,012
3,100,000		BB-/Ba2	Frontier Communications Corp., 8.75%, 4/15/22		3,534,000
5,275,000		B/B1	Windstream Corp., 6.375%, 8/1/23		5,209,062
11,030,000		B/B1	Windstream Corp., 7.5%, 6/1/22		11,884,825
8,460,000		B/B1	Windstream Corp., 7.75%, 10/15/20		9,052,200
				$	67,537,904
			Wireless Telecommunication Services - 1.1%
1,150,000		B-/Caa1	Intelsat Jackson Holdings SA, 6.625%, 12/15/22	$	1,161,500
2,490,000		BB-/B1	Sprint Corp., 7.25%, 9/15/21 (144A)		2,651,850
965,000		BB/Ba3	T-Mobile USA, Inc., 6.125%, 1/15/22		992,744
1,200,000		BB/Ba3	T-Mobile USA, Inc., 6.5%, 1/15/24		1,251,000
4,300,000		BB/Ba3	T-Mobile USA, Inc., 6.542%, 4/28/20		4,493,500
2,865,000		BB/Ba3	T-Mobile USA, Inc., 6.633%, 4/28/21		3,008,250
2,000,000		BB/Ba3	T-Mobile USA, Inc., 6.731%, 4/28/22		2,095,000
3,350,000		NR/NR	WCP Issuer llc, 6.657%, 8/15/20 (144A)		3,583,913
				$	19,237,757
			Total Telecommunication Services	$	86,775,661
			Utilities - 1.4%
			Gas Utilities - 0.3%
1,850,000		B+/B2	Ferrellgas LP, 6.5%, 5/1/21	$	1,910,125
3,585,000		B+/B2	Ferrellgas LP, 6.75%, 1/15/22 (144A)		3,737,362
				$	5,647,487
			Independent Power Producers & Energy Traders - 1.1%
1,650,000		BB-/Ba3	AES Corp. Virginia, 5.5%, 3/15/24	$	1,617,000
1,450,000		BB-/B1	NRG Energy, Inc., 6.25%, 5/1/24 (144A)		1,450,000
4,700,000		BB-/B1	NRG Energy, Inc., 7.625%, 1/15/18		5,217,000
7,850,000		BB-/B1	NRG Energy, Inc., 8.25%, 9/1/20		8,438,750
2,860,000		NR/NR	SunPower Corp., 0.875%, 6/1/21 (144A)		3,219,288
				$	19,942,038
			Total Utilities	$	25,589,525
			TOTAL CORPORATE BONDS
			(Cost $1,082,278,700)	$	1,109,963,801
			SENIOR FLOATING RATE LOAN INTERESTS - 6.6%**
			Energy - 1.2%
			Oil & Gas Drilling - 0.3%
3,863,910	7.50	B/B3	Jonah Energy LLC, Term Loan (Second Lien), 5/8/21	$	3,883,230
2,320,625	5.75	B-/B3	Offshore Group Investment, Ltd., Term Loan, 3/28/19		2,314,341
				$	6,197,571
			Oil & Gas Equipment & Services - 0.1%
1,662,545	5.75	B-/B2	FTS International, Inc., Initial Term Loan, 4/16/21	$	1,680,804
			Oil & Gas Exploration & Production - 0.8%
8,790,000	0.00	NR/NR	American Energy Partners, Inc., Term Loan, 6/17/15	$	8,790,000
5,168,665	8.38	B-/B2	Fieldwood Energy LLC, Closing Date Loan (Second Lien), 9/30/20		5,302,730
				$	14,092,730
			Total Energy	$	21,971,105
			Materials - 0.1%
			Specialty Chemicals - 0.1%
1,570,285	3.23	BB-/B1	Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20	$	1,564,396
			Total Materials	$	1,564,396
			Capital Goods - 0.4%
			Aerospace & Defense - 0.2%
1,931,898	5.00	B/B2	DAE Aviation Holdings, Inc., Replacement Tranche B-1 Loan, 11/2/18	$	1,950,019
1,578,128	3.48	B-/Caa1	Hunter Defense Technologies, Inc., Term Loan, 8/22/14		1,518,948
875,796	5.00	B/B2	Standard Aero, Ltd., Replacement Tranche B-2 Loan, 11/2/18		880,996
				$	4,349,963
			Construction & Engineering - 0.2%
2,914,509	6.75	B+/B2	International Equipment Solutions LLC, Initial Loan, 8/16/19	$	2,932,725
			Total Capital Goods	$	7,282,688
			Commercial Services & Supplies - 0.4%
			Environmental & Facilities Services - 0.1%
620,713	4.00	B+/B1	WCA Waste Corp., Term Loan, 3/23/18	$	621,100
			Diversified Support Services - 0.0%†
1,622,731	10.00	NR/NR	IAP Worldwide Services, Inc., Term Loan (First Lien) Retired 07/18/2014, 12/31/15 (d)	$	470,592
			Security & Alarm Services - 0.3%
5,978,019	4.25	B/Ba3	Monitronics International, Inc., Term B Loan, 3/23/18	$	5,982,688
			Total Commercial Services & Supplies	$	7,074,380
			Automobiles & Components - 0.6%
			Auto Parts & Equipment - 0.6%
7,462	3.75	BB/Ba3	Allison Transmission, Inc., Term B-3 Loan, 8/23/19	$	7,473
3,018,689	4.25	NR/NR	TI Group Automotive Systems LLC, Term Loan Facility, 7/1/21		3,025,294
8,512,680	3.23	BB-/B1	Tower Automotive Holdings USA LLC, Refinancing Term Loan, 4/23/20		8,486,078
				$	11,518,845
			Total Automobiles & Components	$	11,518,845
			Media - 0.7%
			Advertising - 0.1%
1,993,062	6.75	B/NR	Affinion Group, Inc., Tranche B Term Loan, 10/9/16	$	1,979,567
			Broadcasting - 0.1%
1,421,083	4.00	B+/NR	Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20	$	1,413,978
			Cable & Satellite - 0.4%
7,575,000	3.50	BB-/Ba3	Virgin Media Investment Holdings, Ltd., New Term B Loan, 2/6/20	$	7,515,226
			Movies & Entertainment - 0.1%
1,244,365	3.75	NR/Baa3	Cinedigm Digital Funding I LLC, Term Loan, 2/28/18	$	1,246,698
			Total Media	$	12,155,469
			Retailing - 0.5%
			Department Stores - 0.1%
1,626,835	4.25	B/B2	Neiman Marcus Group, Ltd. LLC, Other Term Loan, 10/25/20	$	1,621,447
			Automotive Retail - 0.4%
7,105,063	5.75	B+/B2	CWGS Group LLC, Term Loan, 2/20/20	$	7,176,113
			Total Retailing	$	8,797,560
			Food & Staples Retailing - 0.0%†
			Food Distributors - 0.0%†
8,541	5.75	B/B2	AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17	$	8,569
			Total Food & Staples Retailing	$	8,569
			Health Care Equipment & Services - 1.4%
			Health Care Equipment - 0.1%
2,403,903	4.00	BB-/Ba3	Kinetic Concepts, Inc., Term  DTL-E1 loan, 5/4/18	$	2,406,470
			Health Care Services - 1.2%
1,188,003	4.25	B+/B1	Alliance HealthCare Services, Inc., Initial Term Loan, 6/3/19	$	1,188,746
1,961,463	6.75	B+/B1	Ardent Medical Services, Inc., 1st Lien Term Loan, 5/2/18		1,970,658
1,232,125	6.50	NR/B1	BioScrip, Inc., Delayed Draw Term Loan, 7/31/20		1,249,067
2,053,542	6.50	B/B1	BioScrip, Inc., Initial Term B Loan, 7/31/20		2,081,778
7,414,670	6.50	B+/B2	Gentiva Health Services, Inc., Initial Term B Loan, 10/10/19		7,432,006
2,583,525	4.75	B/B1	National Mentor Holdings, Inc., Tranche B Term Loan, 1/31/21		2,595,365
1,513,563	6.75	B/B2	National Surgical Hospitals, Inc., Term Loan, 8/1/19		1,520,184
1,915,875	6.00	B/NR	Surgery Center Holdings, Inc., Term Loan (First Lien), 4/11/19		1,918,270
1,471,625	7.25	NR/NR	Virtual Radiologic Corp., Term Loan A, 12/22/16		1,092,682
				$	21,048,756
			Managed Health Care - 0.1%
1,018,402	9.75	B+/B2	MMM Holdings, Inc., Term Loan, 10/9/17	$	1,027,313
740,405	9.75	B+/B2	MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17		743,182
				$	1,770,495
			Total Health Care Equipment & Services	$	25,225,721
			Diversified Financials - 0.1%
			Payment Products & Services - 0.1%
2,469,527	5.25	BB/Ba3	WorldPay, Facility B2A Term Loan, 8/6/17	$	2,493,605
			Total Diversified Financials	$	2,493,605
			Insurance - 0.1%
			Multi-line Insurance - 0.1%
1,241,557	4.25	B/B1	Alliant Holdings I, Inc., Initial Term Loan, 12/20/19	$	1,244,391
			Total Insurance	$	1,244,391
			Software & Services - 0.8%
			Application Software - 0.8%
13,890,043	8.50	B-/B1	Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18	$	13,887,876
668,841	4.25	B+/B1	Vertafore, Inc., Term Loan (2013), 10/3/19		670,095
				$	14,557,971
			Total Software & Services	$	14,557,971
			Telecommunication Services - 0.3%
			Integrated Telecommunication Services - 0.3%
6,015,000	4.48	NR/NR	Level 3 Financing, Inc., Bridge Loan, 6/15/15	$	6,015,000
			Total Telecommunication Services	$	6,015,000
			TOTAL SENIOR FLOATING RATE LOAN INTERESTS
			(Cost $120,109,329)	$	119,909,700
Shares
			RIGHTS / WARRANTS - 0.0%†
			Energy - 0.0%†
			Oil & Gas Equipment & Services - 0.0%†
2,275			Green Field Energy Services, Inc., 11/15/21 (144A)	$	2,286
			Total Energy	$	2,286
			Automobiles & Components - 0.0%†
			Auto Parts & Equipment - 0.0%†
2,230			Lear Corp., 11/9/14	$	421,013
			Total Automobiles & Components	$	421,013
			TOTAL RIGHTS / WARRANTS
			(Cost $211,433)	$	423,299
			TOTAL INVESTMENT IN SECURITIES - 101.2%
			(Cost $1,726,148,042) (a)	$	1,848,663,901
			OTHER ASSETS & LIABILITIES - (1.2)%	$	(21,108,534)
			TOTAL NET ASSETS - 100.0%	$	1,827,555,367
†			Amount rounds to less than 0.1%.
*			Non-income producing security.
NR			Not rated by either S&P or Moody's.
(PIK)			Represents a pay-in-kind security.
(Step)			Bond issued with an initial coupon rate which converts to a higher rate at a later date.
REIT			Real Estate Investment Trust.
(Perpetual)			Security with no stated maturity date.
(Cat Bond)			Catastrophe bond is a high-yield debt instrument that is usually insurance linked and meant to raise money in case of a catastrophe.
**			Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end.
(144A)			Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At July 31, 2014, the value of these securities amounted to $503,830,521 or 27.6% of total net assets.
(a)			At July 31, 2014, the net unrealized appreciation on investments based on
			cost for federal income tax purposes of $1,731,664,643 was as follows:
			Aggregate gross unrealized appreciation for all investments in which
			there is an excess of value over tax cost	$	153,433,950
			Aggregate gross unrealized depreciation for all investments in which
			there is an excess of tax cost over value		(36,434,692)
			Net unrealized appreciation	$	116,999,258
(b)			Debt obligation with a variable interest rate. Rate shown is rate at end of period.
(c)			Security issued with a zero coupon. Income is recognized through accretion of discount.
(d)			Security is in default and is non-income producing.

CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION

Notional Principal ($) (1)

Counterparty

Obligation Entity/Index

Coupon

Expiration Date

Premiums Received (Paid)

Net Unrealized Appreciation (Depreciation)

5,295,000

J.P. Morgan Securities LLC

Advanced Micro Devices, Inc.

5.00

%

12/20/15

269,370

$

24,983

(1)

The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued

using fair value methods (other than prices supplied by independent pricing services) as Level 3.

The following is a summary of the inputs used as of July 31, 2014, in valuing the Fund's investments:

		Level 1			Level 2			Level 3			Total
	Convertible Corporate Bonds	$	-		$	298,690,790		$	-		$	298,690,790
	Preferred Stocks		-			-			-			-
	Transportation		-			-			-			-
	Air Freight & Logistics		-			5,434,055			-			5,434,055
	Diversified Financials		-			-			-			-
	Consumer Finance		-			6,450,000			-			6,450,000
	Insurance		-			-			-			-
	Reinsurance		-			-			22,794,137			22,794,137
	All Other Preferred Stocks		36,836,594			-			-			36,836,594
	Convertible Preferred Stocks		-			-			-			-
	Energy		-			-			-			-
	Oil & Gas Exploration & Production		2,829,805			5,775,615			-			8,605,420
	Consumer Durables & Apparel											-
	Home Furnishings		-			11,332,750			-			11,332,750
	Food, Beverage & Tobacco											-
	Packaged Foods & Meats		-			6,739,019			-			6,739,019
	Diversified Financials											-
	Asset Management & Custody Banks		-			3,036,000			-			3,036,000
	All Other Convertible Preferred Stocks		30,197,807			-			-			30,197,807
	Common Stocks		-			-			-			-
	Transportation		-			-			-			-
	Air Freight & Logistics		-			2,510,266			-			2,510,266
	Consumer Services											-
	Education Services		-			489,683			-			489,683
	All Other Common Stocks		163,850,641			-			-			163,850,641
	Asset Backed Securities		-			5,246,956			-			5,246,956
	Collateralized Mortgage Obligations		-			16,152,983			-			16,152,983
	Corporate Bonds		-			-			-			-
	Insurance		-			-			-			-
	Property & Casualty Insurance		-			-			5,435,899			5,435,899
	Reinsurance		-			-			12,077,231			12,077,231
	All Other Corporate Bonds		-			1,092,450,671			-			1,092,450,671
	Senior Floating Rate Loan Interests		-			119,909,700			-			119,909,700
	Rights/Warrants		-			-			-			-
	Energy		-			-			-			-
	Oil & Gas Equipment & Services		-			2,286			-			2,286
	Automobiles & Components		-			-			-			-
	Auto Parts & Equipment		421,013			-			-			421,013
	Total	$	234,135,860		$	1,574,220,774		$	40,307,267		$	1,848,663,901
	Other Financial Instruments
	Unrealized appreciation on credit default swaps		-			24,983			-			24,983
	Total Other Financial Instruments	$	-		$	24,983		$	-		$	24,983
Following is a reconciliation of assets using significant unobservable inputs (Level 3):
		Preferred Stocks			Common Stocks			Corporate Bonds			Total
	Balance as of 10/31/13	$	8,420,810		$	454,130		$	10,499,600		$	19,374,540
	Realized gain (loss)1		371,681			(3,629,327	)		17,386			(3,240,260	)
	Change in unrealized appreciation (depreciation)2		4,200,339			3,216,482			(4,060,621	)		3,356,200
	Purchases		16,807,750			-			16,656,765			33,464,515
	Sales		(7,006,443	)		(41,285	)		(5,600,000	)		(12,647,728	)
	Transfers in to Level 3*		-			-			-			-
	Transfers out of Level 3*		-			-			-			-
	Balance as of 7/31/14		22,794,137			-			17,513,130			40,307,267
1	Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.
2	Unrealized appreciation (depreciation) on these securities is included in the change in unrealized gain (loss) on investments in the Statement of Operations.
**	Transfers are calculated on the beginning of period values.
	During the period ended July 31, 2014 there were no transfers between Levels 1, 2 and 3.
	Net change in unrealized appreciation (depreciation) of investments
	still held as of 7/31/14	$	3,356,200

ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) Disclose any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. There were no significant changes in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> SIGNATURES [See General Instruction F] Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Pioneer High Yield Fund By (Signature and Title)* /s/ Mark Goodwin ----------------------- Mark Goodwin, Executive Vice President Date September 29, 2014 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Mark Goodwin ----------------------- Mark Goodwin, Executive Vice President Date September 29, 2014 By (Signature and Title)* /s/ Mark Bradley ----------------- Mark Bradley, Treasurer Date September 29, 2014 * Print the name and title of each signing officer under his or her signature.